How to account Under construction residential flat where the agreement is done and registered but payment is still outstanding??
Pranav Bembi
(Practice)
(56 Points)
Replied 08 July 2011
if the person selling is a builder then the under constructed flat is reflected as stock in trade .
from the point of vieqw of buyer if since there is no possession of the property or no sale deed he shall not record the same as he is not the legal owner. However if some amount is paid towards the property then the same shall be taken as current asset.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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